MANILA, Philippines – ACEN Corp., the Ayala Group’s listed energy platform, has formalized its partnership with US renewable energy developer BrightNight LLC to build and operate large-scale renewable projects in the Philippines.
In a disclosure on Friday, ACEN said parties designated ACEN subsidiary Paivatar Energy Corp. as the platform for the development, construction and operation of utility-scale renewable energy projects across the archipelago following the signing of a shareholders’ and investment agreement.
The power firm first announced its partnership with BrightNight APAC B.V in December last year, involving the establishment of an RE platform company directly by ACEN or through its designated affiliate.
BrightNight APAC is wholly owned by Florida-based BrightNight LLC, working with customers across the United States and Asia-Pacific to design, develop and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy.
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In Asia-Pacific alone, BrightNight has developed an advanced renewable power portfolio of 2.7 gigawatts (GW) across the Philippines, India, Australia and Bangladesh, 1 GW of which is under development in the Philippines.
This is not the first time ACEN and BrightNight entered into a partnership for renewable projects.
In March last year, ACEN invested $250 million to accelerate the development, construction, and operation of BrightNight’s 1.2 GW, multitechnology renewable power portfolio in India. INQ